Performance of various assets in the fourth week of April:
In the fourth week of April, most US stock indexes fell. Wind a fell 4.76%, with a turnover of 4.0 trillion yuan, and the average daily turnover fell rapidly. Among the primary industries, textile and clothing, electric power, public utilities and food and beverage performed well; The performance of non-ferrous metals, steel and real estate was lower. The credit bond index rose 0.05%, while the Treasury bond index fell 0.14%.
In the 5th week of April, the cost performance and trading opportunities of various types of assets were evaluated:
Equity - exchange rate is more relevant to value shares
Bonds - devaluation compresses monetary easing space, short-term interest rates may be adjusted, and the cost performance of duration strategy will be greatly improved
Commodity pricing logic gradually shifts from supply disturbance to seasonal demand weakening
Exchange rate - the RMB exchange rate may enter the medium-term depreciation channel
Overseas - interest rate hike expectation and inflation expectation transactions have been extremely extreme, and the vulnerability of US stocks is at the molecular level
Risk tip: the mortality rate of Omicron is higher than expected; Economic growth fell faster than expected; Monetary policy tightened more than expected
